IDFC First bank fraud: Ex-manager mastermind, 3 others arrested in late night op

Haryana Police have arrested the alleged mastermind along with three others in connection with the Rs 590-crore IDFC First Bank fraud case.

In a major breakthrough in the alleged IDFC First Bank fraud case in Haryana, the state Vigilance Bureau has arrested four accused, including the alleged mastermind, as part of its ongoing investigation into the embezzlement of government funds worth over Rs 590 crore.

The arrested individuals have been identified as Ribhav Rishi, Abhay Kumar, Swati Singla and Abhishek Singla. Among those held, two are former IDFC First Bank officials, while the other two are private individuals who run a partnership firm.

According to investigators, Ribhav Rishi had previously worked as a manager with IDFC First Bank and is currently employed as a manager at AU Small Finance Bank in Zirakpur, Punjab, near Chandigarh. Vigilance officials alleged that Rishi orchestrated the conspiracy by creating shell companies to siphon off government funds through fraudulent transactions.

In one of the largest banking frauds in the region, the major scam recently came to light at IDFC First Bank’s Chandigarh branch, with investigators finding that the accused allegedly siphoned off around Rs 590 crore through unauthorised transactions in accounts belonging to departments of the Haryana government.

Sources said the accused are suspected of colluding to manipulate banking processes and documentation to facilitate the diversion of funds. The exact amount involved is still being ascertained, and additional financial trails are under scrutiny.